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Malaysian palm oil futures fell sharply after Dalian futures dropped their daily limit of 7% when trading resumed following China's Lunar New Year break. The coronavirus outbreak has disrupted travel and activity in China, the second-largest palm oil importer.
India had also restricted refined palm oil imports and informally halted purchases from Malaysia in January.
Lower Chinese demand combined with India's import curbs removes major outlets for Malaysian palm oil, pressuring prices. Traders see the benchmark possibly falling below 2,500 ringgit if disruption persists.
thehindubusinessline.comReuters3 feb 2020Dopo 158 eventi commercio ribassista passati, Olio di palma si è mosso in mediana di +0,0% in 5 sedute (51% in rialzo; metà centrale da -1,3% a +0,8%), e di -1,4% in 20.
Variazioni del benchmark di ciascuna materia prima rispetto all'ultima chiusura prima dell'evento. Le letture storiche raggruppano eventi passati dello stesso tipo; descrivono ciò che è accaduto, non ciò che accadrà. Non è consulenza di investimento.
Dalian futures fell their 7% daily limit on reopening after Lunar New Year, and coronavirus disruption in China plus Indian import curbs drove the sharp drop in Malaysian palm futures on Feb 3.
Dalian palm futures hit limit-down on reopening after Lunar New Year while coronavirus disrupted demand from China and India curbed refined palm imports, directly driving the sharp drop in Malaysian futures.
